Your home is your place of safety and happiness, but also possibly the biggest investment of your hard earned money you will ever make! Your safe haven requires protection against various incidents.

Home Insurance is financial protection. You pay a premium for the cover. You might never have to claim against the policy, but in the case of a destructive event it may be the only way to avoid the cost of losing a home.

Policies from different companies differ, but most home insurance policies protect against the most general risk factors such as:

Fires of any size that could cause structural damage of the building or the contents inside or fixtures to your house.

Theft of things stolen from your home.

Vandalism – acts by destructive people such as broken windows or doors, graffiti, or other acts from such people.

Falling objects – protection from falling trees or other items that may fall onto your house and cause damage to the roof or other segments of the structure.

Home Insurance is your Responsibility

It is your responsibility to seek and find the policy that suits your individual needs as well as the need to be covered against specific events that is frequent in the area and neighbourhood where your house is built.

If any of the events that you have cover for, occurs you will simply have to fail a claim with your agent or directly with the Insurance Company. The company will make the funds available to repairs damaged items or replace what was lost.

Your policy provides cover up to amount specified in the policy. Take care to be sure that your Home Insurance coverage is enough to cover the full home value as well as additional coverage that may be needed. Be aware that the value of your house should not include the land value.

This article originally posted on http://insuretodayblog.com/and re-posted here with permission.

At a recent Auto Insurance Report National Conference [AIR] the theme was that advances in data collection will provide benefits to consumers and challenges for insurers. Sources of data will vary from government agencies to data collected from cars via telematics. Auto Insurance companies will have to figure out how to stay on top of up-and-coming demographic trends, including the increasing influence women have in the purchasing decision. They can increase their knowledge of customer needs and serve their clients better.

Auto Insurance Facts revealed at the conference

1. Auto Insurance Market. There wasn’t much movement in the auto insurance market in the past few years, but the top 7 insurers increased their market share by aggressive pricing and advertising. That leaves some companies with waning revenues and at risk over the long-term. Only a few other companies showed growth resulting from first-class customer service and retention programs. If insurers make intelligent use of the new data they will improve their understanding of customer needs and discover growth prospects.

2. Telematics. Companies have gone ahead assertively with their telematics schemes. Many major auto insurance companies have introduced programs over the last year. Telematics is an ends to a means. The best move is Usage-Based Insurance (UBI) – where a driver’s behavior is used to price the policy more accurately. Insurers cannot put off development of a UBI solution. Consumer demand will increase hand in hand with the adoption of UBI as well as the corresponding advertising budgets to flaunt these cheaper and smarter policies.

3 Google’s Self-Driving Cars was showcased where a legally blind person is able to commute using this “smart” technology. It is expected that these cars will be publicly available in 5 years. Safety ratings will be higher. Driving and accidents will be video-recorded. This will bring forth complicated implications for auto insurance companies and fresh challenges for underwriting and service.

This article originally posted on http://insuretodayblog.com/and re-posted here with permission.